|
Consolidated Statement of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 146,232 |
$ 127,001 |
$ 123,093 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Losses (gains) on early extinguishment of debt, net |
3,509 |
9,400 |
(3,146) |
| Depreciation and amortization |
118,047 |
116,391 |
111,102 |
| Amortization of intangible assets |
25,591 |
25,197 |
21,698 |
| Amortization of cemetery property |
40,046 |
32,418 |
30,664 |
| Amortization of loan costs |
4,436 |
4,266 |
7,575 |
| Provision for doubtful accounts |
9,251 |
8,155 |
11,351 |
| Provision for deferred income taxes |
66,512 |
76,934 |
57,866 |
| Losses (gains) on divestitures and impairment charges, net |
10,977 |
(8,512) |
(4,253) |
| Share-based compensation |
9,144 |
8,878 |
9,684 |
| Change in assets and liabilities, net of effects from acquisitions and divestitures: |
|
|
|
| Increase in receivables |
(3,322) |
(14,561) |
(8,245) |
| Decrease in other assets |
6,815 |
2,603 |
11,161 |
| Increase in payables and other liabilities |
14,610 |
16,374 |
30,899 |
| Effect of preneed funeral production and maturities: |
|
|
|
| Decrease in preneed funeral receivables, net and trust investments |
69,688 |
45,988 |
18,963 |
| (Decrease) increase in deferred preneed funeral revenue |
(32,158) |
(14,778) |
92 |
| Decrease in deferred preneed funeral receipts held in trust |
(50,591) |
(36,322) |
(22,558) |
| Effect of cemetery production and deliveries: |
|
|
|
| Increase in preneed cemetery receivables, net and trust investments |
(65,581) |
(53,224) |
(41,427) |
| Increase in deferred preneed cemetery revenue |
23,636 |
10,558 |
24,999 |
| Decrease in deferred preneed cemetery receipts held in trust |
(9,419) |
(648) |
(11,702) |
| Other |
689 |
(1,739) |
4,254 |
| Net cash provided by operating activities |
388,112 |
354,379 |
372,070 |
| Cash flows from investing activities: |
|
|
|
| Capital expenditures |
(118,375) |
(97,899) |
(83,790) |
| Acquisitions |
(99,570) |
(299,083) |
(84,932) |
| Proceeds from divestitures and sales of property and equipment, net |
24,529 |
90,835 |
32,696 |
| Net withdrawals (deposits) of restricted funds and other |
3,159 |
26,437 |
(16,459) |
| Net cash used in investing activities |
(190,257) |
(279,710) |
(152,485) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of long-term debt |
85,000 |
510,000 |
150,000 |
| Debt issuance costs |
0 |
(11,828) |
(8,146) |
| Payments of debt |
(22,774) |
(263,063) |
(33,058) |
| Early extinguishment of debt |
(43,194) |
(119,105) |
(236,114) |
| Principal payments on capital leases |
(23,030) |
(46,214) |
(24,288) |
| Proceeds from exercise of stock options |
8,227 |
1,759 |
17,407 |
| Purchase of Company common stock |
(197,302) |
(116,878) |
0 |
| Payments of dividends |
(44,795) |
(40,001) |
(40,195) |
| Bank overdrafts and other |
(798) |
(2,856) |
(4,036) |
| Net cash used in financing activities |
(238,666) |
(88,186) |
(178,430) |
| Effect of foreign currency |
(1,466) |
4,618 |
10,193 |
| Net (decrease) increase in cash and cash equivalents |
(42,277) |
(8,899) |
51,348 |
| Cash and cash equivalents at beginning of period |
170,846 |
179,745 |
128,397 |
| Cash and cash equivalents at end of period |
$ 128,569 |
$ 170,846 |
$ 179,745 |